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Posted Mon, 01 Jul 2024 17:15:23 GMT by andy101
In the past FY, I have a side income of £350 but expenses of setup are £1800 (its for YouTube) Do I enter my expenses and income on a self employment form to get tax relief on my expenses or do I just ignore it as the income is less than £1000? TIA
Posted Thu, 04 Jul 2024 09:23:11 GMT by HMRC Admin 20 Response
Hi,
If you want to benefit from the higher expenses in order to carry forward a loss, you will complete a self employment page.
Thank you.
Posted Sun, 04 Aug 2024 14:19:12 GMT by andy101
Hi, I have entered the self employment section and the loss is calculated. However, the loss is not then reflected in my tax calculation in any way. I have entered it as a cash 'business' as it equipment for a youtube channel. Do I need to do anything specific?
Posted Wed, 07 Aug 2024 13:24:52 GMT by HMRC Admin 19 Response
Hi,

If you have used cash basis, the loss cannot be used against any other income. You can see guidance here:

Relief for trading losses (Self Assessment helpsheet HS227)

Thank you.

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